Posting system



July 1942. V w. F. QUlNBY 2,233,645

POSTING- SYSTEM Filed Nov. 16, 1939 15 Sheets-Sheet l TOP/6. 2-

\l INVENTOR WF-QUINBY BY 7% M44 AT ORNEY .July 7,, 1942.

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' POSTING SYSTEM Filed Nov. 16, 1939 15 Sheets-Sheet 5 v 402 VINVENTOR 4 B v W. F. QUINBY 3 7 M TT NEY July 7, 1942. w. F. QUINBY POSTING SYSTEM Filed Nbv. 16. was

15 sheets-sheet 6 INVENTOR W. E QUINBY NEY July 7, 1942 w. F. QUINBY POST ING" SYSTEM Filed Nov. 16. 1939 15 Sheets-Sheet 7 INVENTOR W. E QUI NBY July 7, 1942. w. F. QUINBY 2,238,545

POSTING" SYSTEM Filed Nov. 16., 1939 15 Sheets-finest 8 INVENTOR W. E QUINBY July 7, 1942.

w. F. QUINBY resume SYSTEM Filed Nov. 16. 19139 15 Sheets-Sheet 10 INVENTOR W H QUINBY 4. ATT RNF'Y Ju ly 7, 1942. w. F. QUINBY POS'HNG SYSTEM Filed Nov. 16, 19:59

15 Sheets-Sheet 11 2/ FROM 0765/? CHHNNEL 54115 FROM 07/167? CHflN/VfL B15507 FRUM OTHER CHANNEL 4 m? mw 0 TW W W. F. QUINBY POSTING SYSTEM Filed Nov. 16', 1939 15 Sheets-Sheet 14 MONITOR OELECTOR KEYBOARD PERFORATOR TICKER KEYBOARD PERFORATOR TAPE WE musmmm mm- MITTER momma mum:

CHECKER OPERITOR EDITOR TRANSM TTER K 'YBOARD PER FORM m r U U CHECKER OPERATM EDITOR RE TRANSMITTER REPENTER #1 RE PEATER FIG INVENTOR W. F. OLHNBY RND CONTROL SELECTOR AF PARATUS SELECTOR AND CONTROL APFHRRTU 5 STOCK DISPLHY BORRD STOCK DISPLAY BOARD ATT RNEY TO OTHER SELECTOR! AND CONTROL APPARATUS July7, 1942.

/-'I-''CHA'NNEL No;\-%\ CHANNEL No.z-

Patented July 7, 1942 UNITED STATES PATENT OFFICE.

POSTING SYSTEM William F. Quinby,,Granitevil1e, S. 0., assignor to The Teleregister Corporation, New York, N.Y.,

a corporation of Delaware Application November 16, 1939, Serial No. 304,736

14 Claims. (01. 177-353) quently may be transferred from certain of the posting devices to other posting devices of the group Without the necessity of retransmitting the information thus transferred.

The system is especially applicable to the posting of stock quotations wherein the last prices received in succession are posted by electrical indicators in successive order to indicate the trend of the market, but is also adapted to any announcement or bulletin service other than market quotation services, for example, to post at airports and transportation terminals information relating to the movements of vehicles, such as the altitude, time of arrival and departure of aircraft.

In systems heretofore devised for posting the trend of the stock market it'has been the general practiceto print 'theprices 'of thevarious;

stocks on paper strips by means of telegraph printers, there being one of such strips ofpaper for each of the stocksposted. These systems were complicated in structure and required frequent adjustments of the'printing apparatus and;

replacement of the 'paperstrips to maintain the systems in operation; i

The present invention obviates various of'the foregoing disadvantages attendant to printing systems, and providesa relatively simple system wherein the prices or other information may be posted on electromagnetic indicators such -as, for example;"the-j'indicator shown in Patent'No. 2,049,499; granted August 4, 1936 to M. L. Haselton, and subsequently transferred to a group of memory indicators forstorage while the first named indicators are being restored to their blank settings, after which the prices stored in the memoryindicators are set up on other indicators of the group; One group-of memory indicators is suificie'ntfor as many "stocks or items as may be posted, although, preferably, a single group of indicators is employed with each of the-channels of communication, the indicators of each of the stocks 'or items posted being automatically placed in operative relationship with the group of memory indicators each time the group of indicators of the stock are selected for operation.

An object of the present invention is a system in which the items of information displayed on tus responsive to the step-by-step signals to opa group of posting devices may readily be transferred from certain of the posting devices of the group to others of the group without the necessity of retransmitting the information thus transferred. I

A further object is a quotation system for, stocks or other items wherein the last prices are successively posted on a series of electromagnetic indicating devices in a predetermined order to show the trend of the market.

Another object of the invention is a quotation system wherein the information is displayed on different sets of posting devices de'r as received.

Another object of the invention resides in the provision of means for storing the prices posted on sets of indicating devices comprising a series of indicators, and transferring the stored prices to the indicating devices of a priorset in the series during the time that a new price is being received.

A still further object of the invention resides in changing the setting of any of the indicators at will without changing the settings of the other indicators of the series.

Additional objects and advantages of the invention will be apparent from the following description, taken in connection with the accompanying drawings and specifically pointed out in the appended claims.

In order that the invention may be more fully understood, reference will be hadto the following drawings disclosing one embodiment thereof in which:

Figs. 1 and 2 illustratea keyset and transmitin successive orting apparatus for transmitting step-by-step sigv nals suitable for the operation of the system.

Fig; 3 represents a repeater for the step-bystep signals.

' Figs. 4A to 4I represent the receiving apparaerate the board mechanism.

Fig. 5.illustrates.the transmitting. and retransmitting apparatus for converting permutation code signals into step-by-step signals, and the I transmission of the step-by-step signals over two lines, each of which provides-two channels of communication;

Fig; 6 shows a suitable code for item selection. Fig. 7 shows a suitable code for selecting the various ranges either singly or in combination.

Fig. 8 shows a suitable code for selectively actuating the indicators of the bulletin ortrend Fig. 14 shows the arrangement of the various sheets of drawings comprising the system of Fig. 11, and

Fig. 15 shows the range selections employed with the system of Fig. 12.

Generaldescription of the system In accordance with the present invention, .a system for'turnishing a quotation service to subscribers stations undercontrol of operators keysets is schematically shown on Fig. 11 of the drawings.

The transmitting equipment comprises .a plurality o'fkeyboard perforators and tape transmitters for initiating the signalsrequiredfor the transmission of the various quotations of stocks or other items of. information. Thesesignals are stored on relays and subsequently transmitted over the conductor L through the medium of a rotar distributor. The transmitted rquotations of channel I are interspersed with those of channel z. so that channel I and channel 2 quotations are transmitted alternately, :there being a :channel .2 quotation or ablank signal, as the .case maybe, inserted between successive channel I quotationsand vice-versa. If, for example, quotations are transmitted from channel I only, each quotation will be followed by a blank signal corresponding in length to the transmission of a quotation from channel .2.

The information to be transmitted :is taken from -a stock ticker located in front .of each operator. These tickers are arranged .to print .quotations or such other informationas appears on the ticker tape. The tickerad-jac'ent to the channel I operator or operators prints quotations .of

certain stocks only characterized by the first-letter'of the stock abbreviation included within the alphabetical range of A to J, the other ticker adiacent to the channel 2 operator or operators printing quotations of other stocks, for example,

quotations characterized by the first letter of the stock abbreviation included within the alphabetical range K to 'Z. A line I02 extends from each ticker to a common line wire IIl3-over which stock quotations and other information are received without respect to classification of the same. The received telegraphic intelligence preferably is divided into groups recorded-upon separate tickers in accordance with the telegraph system shown in Patent No. 1,814,902, issued July 14, 1931 to R. F. Dirkes. This system is shown on Fig. 11 at I04. Adjacent'to eachoperator is an editor who places a distinguishing mark uponithe ticker tape whenthe quotation is anew 'high 'or a-new low and adjacent to and on the .other side of'each operator preferably is a checker'who compares each transmitted quotation appearing on the monitor stock board with the original quotation'appearing on the'ticker tape.

'A multiplex operator is provided with a keyboard perforator for perforating characters on a tape representative of a message which may comprise additional quotations to increase the capacity of the system for quotation disseminating 5 purposes or the message may comprise other in. formation, for example, special announcements or the issuance of instructions to operatives at a remote point, the tape thus prepared passing through a tape transmitter and thus to the transmitter employed for transmitting the information set up by the other operators.

The transmitter is connected by way of line .L toe. retransmitter which may be remotely situated .from the transmitting apparatus, if desired. -The retransmitting equipment comprises a rotatable distributor RD, Fig. 5, for selectively distributing the signals received over the line L to various groups of storage relays which respond in accordance with the signals received.

The distributor shown is of the start-stop type and .preferably is arranged "to make one revolution for each quotation transmitted. The storage relays control the signals which are transmitted by means of two retransmitting distributors, one of which is :shownin diagrammatic form as .TDI on Fig. 5, to a plurality of repeater stations where the signals are regenerated as received and transmitted to quotation'board selector and control apparatus. The two transmitting distributors above referred to begin their cycles of operations successively, one retransmitting distributor being provided for each of the two channels. Two complete revolutions of a distributor are required for the transmission of each quotation over its associated channel, although one quotation is completed at the completion of each revolution of each retransmitting distributor. The retransmitting equipment includes a group of storage relays for controlling the operation of a message printer in accordance with the signals received over the multiplex channel. The transmitting and retransmitting equipments of Fig. 11 are disclosed in complete detail in my co-pending application, Serial No. 55,510, filed December 21, 1935 for Signaling system, now Patent No. 2,248,822, issued July 8, 1941, the transmitting equipment being shown in diagrammatic form and designated by the letter T on Fig. 5, which also .illustrates certain modifications required in the retransmitting apparatus to make it more suitable .for use with the system of the present invention.

Each retransmitting distributor transmits signals over a two-wire communication channel, preferably though not necessarily, through the repeating apparatus shown in schematic form on Fig. 3, to the selector and control apparatus.

The selector is divided intotwo parts, there being'one part for channel I and a correspond- 60 ing part for channel 2 quotations. As these parts of the selector are functionally independent and similar in operation, a clear understanding of the operation of the selector will be obtained from a description of one part only as, I for example, that part comprising the equipment employed for channel I quotations which will be described hereinafter in greater detail.

The selector equipment at the subscribers station is similar to the monitor selector at the central transmitting station and comprises regenerative relays for correcting the line signals received over the two line pairs of conductors, to correspond to a predetermined constant signal length thereby to enable the system to operate at higher speeds and with greater reliability than would otherwise be obtained.

Certain of these regenerated signals actuate relay counting devices for storing range intelligence, other of the signals operate controlling devices and still others are diverted to the display board for the normalization and subsequent actuation of the indicator units.

It will be understood that two line conductors are employed for each of the two quotation channels, making a total of four line conductors brought into each selector. Two polarized relays in each selector are connected in series with each of these conductors in such a manner that one of each pair of relays is responsive to impulses of positive polarity and the other is responsive to negative impulses received over the line. The selectors are preferably grouped in series so that the lines are continued through several selectors preferably and thence to ground. The selectors are adapted to control the operation of display boards for posting prices of stocks and the like classified as to their open, high, low or last characteristics of previous closing prices and also to concurrently post on indicating devices a plurality of last prices regarding any selected item thereby to indicate the trend of the market or item. The selector is also adapted to control the operation of bulletins or announcing boards in railroad stations or airports for the dissemination of information which would, for example, relate to the control of airway traffic.

The display board may be of the type disclosed in the patent to R. L. Daine, No. 1,658,516, dated February 7, 1928, arranged in horizontal tiers of units sections, each section comprising a plurality of items. Each item or stock space is covered by a mask having apertures thereon through which are viewed the indicator units that display the various prices or other information. These indicators may be of the type shown in Patent No. 2,049,499, granted August 4, 1936 to M. L. Haselton, although other indicators may be used with this invention as, for example, the indicator unit shown in Patent No. 1,965,376, granted July 3, 1934 to R. M. Hicks, or the indicators shown in Patent No. 1,979,028, granted October 30, 1934 to J. B. Ewart.

Another arrangement in accordance with the present invention for controlling the operation.

of the selector and control apparatus of Fig. 11 is shown in schematic form on Fig. 12 of the drawings. In this arrangement each operator is provided with a keyset connected by a cable to a transmitter. the keysets and transmitters being shown in detail on Figs. 1 and 2 respectively of the drawings.

Each transmitter is connected by means of two conductors to the repeater of Fig. 3 which repeats the signals transmitted by the transmitter to the selector and control apparatus for posting flight control or progress data upon the flight progress board and the monitor board located preferablybefore the operator.

The selector and control apparatus of Figs. 11 and 12 is shown in detail on Figs. 4A to 4I of the drawings, the display board being shown on Figs. 4H and 41. The selector and control apparatus may be operated by any suitable source of signals received over a line from the transmitting apparatus, such as the keyset and transmitters of Figs. 1 and 2. Other transmitting apparatus, however, may be employed as, for example, the transmitting and retransmitting apparatus disclosed in my co-pending application,

Serial No. 55,510, filed December 21, 1935 for Signaling system, Patent No. 2,248,822, or the transmitting means disposed in my co-pending application, Serial No. 167,541, filed October 6, 1937, for Transmitting means, now Patent No. 2,187,892, issued January 23, 1940.

The transmitting apparatus of each of my copending applications employs a four-unit code for the item selection, range, and digits of the price, a three-unit code being employed for the fractions part of the price. A fifth unit is added to the range signals whenever a quotation is repeated to a subscriber for the purpose of verifying the quotation or for selecting a particular set of display devices, as will hereinafter be described in further detail. The verification of a quotation is hereinafter referred to as rewrite, and a rewrite key (RR) is used for such quotations. In the system of the present invention, the operation of the rewrite key not only is employed for verifying the quotation, but also for causing the selector and control apparatus to function, thereby to enable any of the trend prices or items represented thereby to be selected at will by the operator.

Operation of the transmitter Referring first to Figs. 1 and 2 which show transmitting apparatus at the central transmitting station. which in the case of New York stocks is located within New York city, or in the case of posting information relative to the control of airway trafi'ic is located preferably at the airway trafiic control center. The transmitting apparatus includes a keyset KS and two transmitting distributors designated DRI and DB2 for transmitting the information set up on the keyset to the selector and control apparatus over one of the channels of communication, the transmitting apparatus of Figs. 1 and 2 being provided in duplicate when two channels are employed for the transmission of information to the display board. This arrangement provides a system wherein each channel is functionally independent of the other and, in cases where one channel is sufiicient to take care of the message requirement as, for example, on bulletin and announcing boards and flight progress boards and the like, the other channel and associated apparatus may be dispensed with without departing from the spirit of the invention.

The keyset KS shown on Fig. 1 comprises the settable switches HSI, TS! and USI upon which are set up the hundreds, tens and units digits of a three-digit number representative of the item to be selected, a range switch RAI settable in accordance with the desired characteristic of the item to be posted and a group of value or price switches TPI UPI and FPI upon which are set up the tens, units and fractions values of the price to be posted. The keyset also comprises the noreset switch NRI which is employed for preventing the resetting of certain of the indicators of the dilferent stocks or other items selected and a switch RWI which is employed to render certain of the receiving apparatus ineffective to post certain of the numerical values set up on the keys 'I'Pl, UPI and FF] and for the additional purpose of enabling any desired one of the indicators representing the trend of the market, or the difierent items of information posted on a flight progress board for the control of airway trailic, to be selected at will for operation without affecting the settings of the indicators representing the. trend TSI, USI and RAI.

;o'r flight information .as will hereinafter be explained in greater detail.

As illustrated, the keyset KS is of sufficient size to. enable the complete posting of information for two items to be set up in advance before the transmitting.distributors DRI and DR2 are set into operation to transmit the information set up .on the keyset. 'A start button is also provided to set the distributors into operation and a stop button is employed to bringthe distributors to rest after the. information set upon the keyset has been transmitted.

In the arrangement of Fig. 2, two distributors are employed totransmita complete message, the

distributors operating alternately. During theblank positions and the price impulses causing the indicators to be actuated to settings in accordance with the settings of the switches TPI, UPI and FPI. During this revolution of the distributor DR2 the stock number and range of the item set up on the switches H82, TS2, U82 and RA2 are transmitted. the stock number being transmitted concurrently with the restoration impulses of item I and the range impulses being transmitted concurrently withthe price signals of item I.

At the completion of this revolution of the distributor DR2 the distributor DRI is set into operation to transmit therestoration impulses to the selected indicators of item 2 and the price impulses thereof to cause the selected indicators of item 2 to be actuated to positions in accordance with the settings of the price switches TF2, UP2 and SP2. Relays SI and S2 are employed to control the alternate operation of the distributors DRI and DR2 and for controlling certain other functions of the transmitting apparatus as will appear more clearly as the description proceeds.

The transmitting distributor DRI comprises the rings RI, R2, R3 and R4, the rings RI and R3 being bridged by the brushes BI and rings R2 and R4 by the brushes B2. The transmitting distributor DR2 likewise comprises the rings RI, R2, R3 and R4, the rings RI and R3 being bridged by the brushes BI and the rings R2 and R4 by the brushes B2. The rings R4 of each of the distributors are solid except for the last or rest segment I, the solid segments 2 are connected together by the conductor I65 and in electrical circuit with the conductor R2. Ring R3 of the distributor DRI comprises .four segments of which segment I is connected by way of conductor I33, make contact and armature I61 of relay SI, conductor I68 to the windingsof the start magnet SM2 from whence the circuit is continued to ground. Segments 2 and 4 of the ring R3 are in electrical circuit with each other and connected by means of the conductor I69 to conductor RI and segment 4 of ring R3 of the distributor DR2 which is in electrical circuit with segment 2 of the ring R3. Segment 3 of the ring R3 of the distributor DRI is connected through resistance, preferably. to positive battery. Segment 3 of the ring R3 of the distributor DR2, however, is connected toground.

Referring now to ring'RI of the distributor DRI, the stop segment S thereof is connected through resistance to negative battery. Segment SW is connected by way of conductor I1 I' to the make contact'an'd armature 112 of relay S2 and thence through resistance to positive battery. Segment 3 of the ring RI is connected by way of conductor 113 to the winding of relay SI from whence the circuit is continued to ground, conductor 113 also being connected to conductor II of cable I62 extending to the stop button. Segments 4 (TS), 6, 8, I9, I2, I4, I3, I8, and 22 are connected by way of conductors l to II! of cable I5I to'terminals I to IE1 respectively of the switch TSI, the wiper of which is connected to negative battery. Segments RES I, 9, II, I3, I5, I'I, I3, 2| and 23 are connected through resistance to positive battery. Segments UP, 26, 23, 33, 32, 34, 36, 38, 40 and 42 are connected by way of conductors I to IQ of cable I63 to contacts I to II] respectively of the switch UP2, the wiper of which is connected to negative battery. Segments RA, 21, 29, '3I, 33, 35, 31, 39 and M are connected by conductors I to 9 of cable I53 to contacts I to 9 respectively of the switch RA--|, the wiper thereof being connected to positive battery. Segments 43 and 44 are unconnected. Segment 45 is connectedby way of conductor II) of cable I64 to terminal I33 of switch RWI, the'switch blade thereof being connected to negative battery through resistance.

Segments NR of the ring R2 are connected by way of conductor II of cable I to the'switch NR2 from whence the circuit is continued by way of conductor III of cable I51, make contact and armature 114 of relay S2 through resistance to a source of positive battery. Segment 3 of the ring R2 is unconnected. Segments US, 5,3, II), I2, I4, I3, I8, 20 and 22 are connected by way of conductors I to IQ of cable I52 to segments I to II] respectively of the switch USI, the wiper of which is connected to negative battery. Segments HS, I, 9, II, 'I3, I5, I! and I9 are connected by way of conductors I to 3 of cable'lfiil to terminals I to 8 of the switch HSI, the wiper of which is connected to a source of positive battery. Segment RW is connected by way of conductor 9 of cable I50 to terminal I19 of the switch RWI from whence the circuit is continued through resistance to positive battery. Segment 23 is unconnected. Segments PF, 25, 28, 3!], 32, 34, 33, 38 and-49 are'connected by way of conductors I to 9 of cable 164 to terminals I to 9 respectively of the switch FPZ, the wiper of which is connected to negative battery. Segments TP, 21, 29, 3I, 33, 35, '31, 39,4I and 43 are connected by way of conductors I to II) of cable I62 to terminals I to II) of the switch TPZ', the wiper of which is connected to positive battery. Segment 44 is unconnected. Segment LC is connected through resistance to negative battery.

In a similar manner rings RI and R2 of the distributor DR2 are connected to the keyset, the tens stock number segments, units price and range segments being connected to the keyset by cables I58, I55 and I6I whereby the desired number of impulses is transmitted in accordance with the settings of the switches T52, UPI and RA2 respectively.

Ring R2 of the distributor DR2 has its segments US, HS, FF and I? connected to the switches USZ, I-IS2 and FPI and 'I'PI bythe cables I59, I51, I56 and I54 respectively.

The switching and restoration impulses are transmitted by the ring RI and, as indicated, are of positive polarity.

Operation of transmitter The operation of, the transmitting apparatus of Figs. 1 and 2 will best be understood by consideration of a specific example. Assume, for example, that the transmitting apparatus is employed for posing the quotations of stocks, commodities and the like and it is desired to post a unison quotation 56% for the stock Western Union having a stock designation number 12 3 and, furthermore, that it is desired to post the price of wheat now selling at $1.02 the stock designation number of Wheat being 823. Assume further that each of the above quotations is the first quotation of the, day for their respective items.

The keyset KS is operated in the following manner: Switches I-ISI, TSI and USI are set to positions I, 2 and 3 respectively'corresponding to the stock number 123 for the stock Western Union, the range key RAI is set to position I corresponding to the range unison, and price keys TPI, UPI and FPI areiset to positions 5, 6 and 3 respectively. Switches H82, TSZ and USZ are set to positions 8, 2 and 3 respectively corresponding to the designation number 823 for the commodity wheat, the range switch RA2 is set to position I and the price switches TF2, UPZ and FP2 are set to positions 2, 5 and 9 respectively, the switches 'I'P2' and UP2 being set to the units and fractions values respectively of the quotation for wheat to be transmitted, it being assumed that wheat is one of the items having groups of indicators for posting the open, high. low, nominal and previous closing prices and the trend of the item. The start key is now momentarily depressed.

The operation of the start key closes a circuit from negative battery at segment S of ring RI of the distributor DR2, brush BI, segment I of ring R3, conductor I15, conductor II of cable I63, winding of start magnet SMI and thence to ground, thereby causing the start magnet SMI to operate and attract the latch II6 thereby setting the distributor DRI into operation. As the distributor brush BI engages segment 3 of the ring R3, battery at segment 3 of ring R3 is applied by way of the brush BI, segment 3 of the ring RI, conductor I13, winding of relay SI and thence to ground causing relay SI to operate and look by way of its armature II'I, conductor 'II8, break contact and armature I79 of relay S2 through resistance to battery.

When the distributor brush BI engages segment TS of ring RI, a circuit is closed from negative potential at the wiper of switch TSI, terminal I, conductor I of cable I 5I, segment TS of ring RI of the distributor DRI, brush BI, segment 4 of the ring R3, conductor I69, extending tothe line conductor RI thereby transmitting the first impulse of negative polarity corresponding to the tens digit of the stock selection number. The engagement of brush B2 with segment US of the ring R2 completes a circuit from negative potential at the wiper of switch USI and terminal I thereof, conductor I of cable I52, segment US of ring R2, brush B2, segment 2 of ring R4, conductor I65, extending to the line R2 thus transmitting the first negative impulse corresponding to the units digit of the stock designation number.

The engagement of brush BI with segment brush B2 causes an impulse of positive polarity to' be transmitted to the line R2 over'the following circuit: Positive battery at Wiperoi switch HSI and terminal I thereof, conductor I .ofthe cable I56, segmentHS of ring R2, brush 5B2, segment 2 of ring R4, conductor I extending to theline R2, this signal of positive potential being the signal representing the hundreds digit 1 of the stock number.

The engagement of segment 6 of the ring RI by the brush BI completes a circuit from negative potential through contacts 2 of the switch TSI to the line RI thus transmitting the second impulse for the tens digit 2 of the stock number to the line RI. The engagement of segment 6 of the ring R2 by the brush B2 causes the second impulse of negative polarity to be'transmitted from terminal 2 of the switch USI to theline R2, this impulse representing the second impulse of the units digit of the stock designation. When the brush BI engages terminal I of the ring RI, a second impulse of positivepolarity is applied to the line RI and no impulse is applied to the line R2, since, it will be recalled, the wiper of switch I-ISI is resting on its terminal I and the circuit therefore-is open at terminal 2 of the switch HSI. When brush B2 engages terminal 8 of the ring R2, a circuit is closed from negative potential at the Wiper of switch USI, terminal 3 thereof, conductor 3 of cable. I52, segment 8 of ring R2, brush B2, segment 2 of the ring R4, conductor I65 and thence to the line R2, this being the third impulse of negative polarity on the line R2 representing the units digit'B employedfor the stock selection designation.

As the odd numberedsegments 9ito 23 of the ring RI are traversed by the brush BI, eight additional impulses of positive polarity are transmitted to the line RI, theseimpulses including the two positive impulses previously transmitted to the line RI being. employedfor timing the selector and control apparatus as will hereinafter be explained in greater detail. The entire stock designation number has now been transmitted.

The even numbered segments 24 to A2 of the ring RI are employed for transmitting impulses corresponding to the setting ofthe switch UP2. Segment FF and the even'numbered segments 26 to 40 of the ring R2 are employed for'transmitting impulses corresponding to the setting 3 of the switch FP2, the tenth impulse being generated locally in the receiver as will be herein after described in greater detail. SegmentTP, 21 and the following odd numbered segments, including segment 43 of the ring R2, are employed for transmitting impulses in accordance with the setting of theswitch TP2, the switches-1P2, UPZ and FP2 being employed for controlling the price signals corresponding to the stock designa tion set .up on the switches HS2, T52 and U52.

- Since during the first revolution of the distributor DRI the stock designation signals controlled by the switches I-ISZ, T82 and U82 have not been transmitted, the impulses sent over the line under control of the switchesTPZ, U92 and FP2 during this revolution of the distributor DRI are Without effect and will, therefore, not be traced in detail. l l

The engagement of segment RA of the ring RI by the brush BI completes 'a circuit from positive battery at the wiper oi the switch RAI and terminal I thereof, conductor I of cable I53, segment RA of the ring RI, brush BI, segment 4 of the ring R3, conductor l69 extending tothe line 

